Meaning and Features of Public Corporations and Co-operative Societies
Lesson Plan: Public Corporation and Co-operative Society
Subject: Business Studies
Class: JSS 1
Term: Second Term
Week: 6
Age: 10 – 12 years
Topic: Public Corporation and Co-operative Society
Sub-topic: Meaning, Features, Types, Advantages, and Disadvantages
Duration: 40 minutes
Behavioral Objectives
By the end of the lesson, students should be able to:
- Define public corporations and co-operative societies.
- Identify the features of public corporations and co-operative societies.
- Explain the advantages and disadvantages of public corporations and co-operative societies.
- List examples of public corporations and types of co-operative societies.
- Describe the sources of finance for public corporations and co-operative societies.
Keywords
- Public Corporation – A business owned and managed by the government.
- Co-operative Society – A business owned and managed by individuals with common interests.
- Essential Services – Services needed for public welfare.
- Capital – Money needed to start and run a business.
- Monopoly – A business that has no competitors.
Set Induction (Lesson Introduction)
The teacher will ask students:
- Who provides electricity and water in Nigeria?
- Have you seen businesses where people contribute money to run them?
These questions will help students relate the lesson to real life.
Entry Behaviour
Students already know about private businesses and sole proprietorships from previous lessons.
Learning Resources and Materials
- Charts showing public corporations in Nigeria.
- Pictures of co-operative society activities.
- A short video clip on public corporations.
Building Background/Connection to Prior Knowledge
The teacher reminds students about previous lessons on sole proprietorship and partnership businesses, explaining that public corporations are different because they are owned by the government, while co-operatives are owned by groups of people.
Embedded Core Skills
- Critical Thinking: Understanding the role of public corporations.
- Communication: Discussing the importance of co-operative societies.
- Collaboration: Group activities and discussions.
- Financial Literacy: Learning about sources of finance.
Learning Materials
- Lagos State Scheme of Work for Business Studies.
- Business Studies Textbooks.
Instructional Materials
- Charts of government-owned businesses.
- Case studies of co-operative societies.
Lesson Content
1. Meaning of Public Corporation
A public corporation is a business set up, financed, and managed by the government. It is created to provide essential services rather than to make a profit.
2. Features of Public Corporation
- It is owned by the government.
- It is financed with taxpayers’ money.
- It provides essential services to the public.
- It does not compete with private businesses.
- It is established by an act of parliament.
3. Examples of Public Corporations in Nigeria
- NIPOST – Nigeria Postal Service
- NPA – Nigeria Ports Authority
- NRC – Nigeria Railway Corporation
- NWC – Nigeria Water Corporation
- NEPA/PHCN – Power Holding Company of Nigeria
4. Advantages of Public Corporation
- Provides essential services at a low cost.
- Controls monopolies.
- Raises the standard of living.
- Has enough capital to operate.
5. Disadvantages of Public Corporation
- Takes time to set up.
- Requires a large amount of money.
- Decisions are slow because of government involvement.
- Government interference affects management.
Co-operative Society
1. Meaning of Co-operative Society
A co-operative society is a business owned and run by people with common interests to benefit all members.
2. Features of Co-operative Society
- Owned by members with common interests.
- Easy to form.
- Every member is involved in decision-making.
- Provides services to members.
3. Types of Co-operative Society
- Producer Co-operative – Formed by farmers to sell their products together.
- Consumer Co-operative – Formed by consumers to buy goods in bulk.
- Multi-purpose Co-operative – Engages in both production and consumption activities.
- Credit and Thrift Society – Members contribute money regularly and borrow when needed.
4. Advantages of Co-operative Society
- Encourages members to save money.
- Provides loans to members.
- Helps members buy goods at cheaper prices.
- Reduces exploitation by middlemen.
5. Disadvantages of Co-operative Society
- Limited capital.
- Disagreements among members.
- Poor management due to lack of experience.
- Some members may be uneducated, affecting decision-making.
Evaluation (Fill in the Blanks)
Choose the correct option (a, b, c, or d).
-
A business owned by the government is called a _____.
a) Sole proprietorship
b) Public corporation
c) Partnership
d) Private enterprise -
The main aim of public corporations is to _____.
a) Make profits
b) Provide essential services
c) Sell goods
d) Compete with private businesses -
An example of a public corporation is _____.
a) A local supermarket
b) A private school
c) Nigeria Ports Authority
d) A barber shop -
The money used to fund public corporations comes from _____.
a) Taxpayers’ money
b) Private investors
c) Business loans
d) Shareholders -
A co-operative society is formed by _____.
a) The government
b) Individuals with common interests
c) Foreign companies
d) Private investors
Class Activity Discussion (FAQs)
-
What is a public corporation?
- A business set up by the government to provide services.
-
Why does the government create public corporations?
- To provide essential services for the public.
-
What is an example of a public corporation?
- Nigeria Railway Corporation (NRC).
-
What is a co-operative society?
- A business owned by a group of people for mutual benefit.
-
What are the types of co-operative societies?
- Producer, Consumer, Multi-purpose, and Credit Co-operatives.
-
How does a credit co-operative society work?
- Members contribute money regularly and can borrow when needed.
-
What are the advantages of a co-operative society?
- Members get loans and buy goods cheaply.
-
What are the disadvantages of a public corporation?
- It is difficult to manage and takes time to make decisions.
-
Where does a co-operative society get money from?
- Members’ contributions and bank loans.
-
Why is a public corporation not profit-driven?
- It provides services rather than making money.
Presentation Structure
- The teacher revises the previous lesson.
- The teacher introduces the new topic.
- The teacher allows students to contribute.
Assessment (Evaluation Questions)
- What is a public corporation?
- List three features of a public corporation.
- Give three examples of public corporations in Nigeria.
- Define a co-operative society.
- Mention two advantages of a co-operative society.
Conclusion
The teacher marks students’ work and gives feedback.